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BEIJING, Oct. 24 -- A new blueprint for the rule of law set by the Communist Party of China (CPC) during a key meeting this week is of great significance for the development of the world's second largest economy, experts have said.

According to a communique issued after the Fourth Plenary Session of the 18th CPC Central Committee held in Beijing from Monday to Thursday, the overall target of the CPC's current drive to advance the rule of law is to form a system serving "the socialist rule of law with Chinese characteristics" and build a country under "the socialist rule of law."

This is the first time a plenary session of the CPC Central Committee has taken this topic as its central theme.

IMPORTANT STEP TOWARD RULE OF LAW

Odd Arne Westad, a professor of international history at the London School of Economics and Political Science (LSE), said the four-day meeting is an important step for China toward the rule of law.

"I think it's very important. I think it's immensely positive that the government and the party leadership have decided to focus on the rule of law, because it is something that China in the future will need for development," said Westad, who is also director of LSE IDEAS, a center for international affairs, diplomacy and strategy.

He added that the blueprint is a "secure basis" in terms of China's legal system and legal practices.

"I mean this is important (not only) for people's daily lives, but also for China's economic development, because ... stability, predictability and the rule of law is something that all investors are looking for in terms of where they put their money," he said.